The yield on the two-year Treasury note hit 0.867 percent, while the yield on the five-year note hit a high of 1.311 percent, their highest levels in two weeks.

The yield on the benchmark 10-year Treasury note hit a high of 1.797 percent, its highest level since Oct. 17. It last sat higher at 1.7862 percent, while the yield on the 30-year Treasury bond was also higher at 2.5355 percent. Bond yields move inversely to prices.

Earlier, the Treasury Department auctioned $34 billion in five-year notes at a high yield of 1.303 percent on Wednesday, its highest level since May.

The bid-to-cover ratio, an indicator of demand, was 2.49, above a recent average of 2.41.

Indirect bidders, which include major central banks, were awarded 59.7 percent, below a recent average of 60.7 percent. Direct bidders, which include domestic money managers, bought 4.9 percent, well below a recent average of 12.7 percent.

While earnings are expected to be the talk of the town for U.S. stock markets, economic data releases will be of key interest for bond markets.

On Wednesday, the U.S. trade deficit for September came in at $56.1 billion. The Markit flash US services PMI rose to 54.8 in October, above economist projections for about 52.5 according to Thomson Reuters.

New home sales also rose unexpectedly in September, the Commerce Department said on Wednesday. Mortgage applications fell 4.1 percent last week.

Meanwhile, the talk of what central banks are thinking continues to lurk at the back of investors' minds. On Tuesday, European Central Bank President, Mario Draghi told a Q&A session in Berlin that record-low interest rates within the euro area are not seen as a "new normal"; Reuters reported.

Draghi went on to say that the single currency area would continue to remain vulnerable without a full monetary and banking union. No major speeches from leading Federal Reserve officials are expected to take place on Wednesday.

The topic of oil remains on the table with prices falling on Wednesday, as concerns over a global supply glut continue to resurface. U.S. crude settled down 1.6 percent at $49.18 a barrel on Wednesday.